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French banks sue for billions over Lehman collapse

Last Updated: Saturday, September 26, 2009 - 16:26

Paris: France`s top banks are demanding billions of dollars (euros) from the administrator of failed Wall Street investment bank Lehman Brothers, official documents issued on Friday showed.

BNP Paribas is claiming around 1.3 billion dollars, Societe Generale 800 million dollars and Dexia 400 million dollars, according to an agency’s calculations based on documents for the administrator published on the site Epiq Systems.

Other French banks and insurers are claiming hundreds of millions of dollars more. The deadline for claims set by the US bankruptcy court was September 22, more than a year after the shock failure of Lehman Brothers.

Lehman`s collapse on September 15, 2008 sowed panic in boardrooms, government offices and households around the world and has come to symbolise the beginning of a steep slump that plunged the global economy into recession.

"Like other creditors, we are engaged in a procedure to recover our debts," said a spokesman for Dexia who did not however confirm the amount sought.

A spokesman for French insurer Axa, which is seeking 186 million dollars according to the documents issued Friday, said: "We suffered a loss."

BNP Paribas and Societe Generale decline to comment on their own claims.

Bureau Report

First Published: Saturday, September 26, 2009 - 16:26
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